Industrial Estates Limited Act

An Act Relating to an Agreementbetween Her Majesty the Queenand Industrial Estates Limited

Short title 1 This Act may be cited as the Industrial Estates Limited Act. R.S., c. 223, s. 1.

Interpretation

2 In this Act, (a) "Crown Corporation" means Industrial Estates Limited, a body corporate, incorporated on the twenty-fifth day of September, 1957, under the Companies Act; (b) "Finance Agreement" means the Finance Agreement, so called, bearing date the twenty-fifth day of September, 1957, between the Province and the Crown Corporation, a copy of which is on file in the office of the Registrar of Joint Stock Companies; (c) "Minister" means the Minister of Small Business Development or any other member of the Executive Council appointed to perform the duties of that office; (d) "Principal Agreement" means the Principal Agreement, so called, bearing date the twenty-fifth day of September, 1957, between the Province and the Crown Corporation, a copy of which is on file in the office of the Registrar of Joint Stock Companies; (e) "Province" means Her Majesty in right of the Province. R.S., c. 223, s. 2.

Agreements

3 (1) The Principal Agreement and the Finance Agreement are ratified and confirmed. (2) Notwithstanding subsection (1), the Province and the Crown Corporation may agree to amend, change or vary Part IV of the Principal Agreement, provided that any such agreement shall be laid before the House of Assembly within twenty days next after the same is executed or, if the House is not then sitting, within twenty days after the meeting of the House next after the same is executed. R.S., c. 223, s. 3.

Power to enter into Agreements

4 The Minister of Trade and Industry and the Crown Corporation are declared to have had, on the date of the execution of the Principal Agreement and the Finance Agreement, full power and authority to enter into and to execute the said Agreements. R.S., c. 223, s. 4.

Powers of Governor in Council

5 The Governor in Council is empowered to (a) do every act and exercise every power and expend every sum of money necessary or proper for the purposes of implementing in every respect every obligation assumed by the Province under the Agreements; (b) do and perform the acts, matters and things in the Agreements provided to be done or performed by the Province in the manner and with the effect and under the conditions stipulated and provided in the Agreements; (c) authorize the Minister to make any request, give any notice or direction, grant or withhold any approval or consent or do any other act or thing required or permitted to be done by the Province by or under the Agreements; (d) guarantee from time to time any obligation of the Crown Corporation and authorize the Minister to execute and deliver such instruments and documents as may be necessary to evidence any such guarantee. R.S., c. 223, s. 5.

Funds

6 (1) The Governor in Council may order that there be charged to Capital Account such sum or sums (a) not exceeding four hundred million dollars as is considered necessary for the purpose of carrying out the obligations of the Province and the Minister under the Agreements; and (b) not exceeding twenty-five million dollars to authorize the Province to subscribe and pay for shares in the Crown Corporation,or, if it is considered expedient so to do, the Governor in Council may pay the said sum or sums out of the Special Reserve Account of the Province or out of the revenues of the Province for any year or years. (2) All repayments and recoveries in respect of sums loaned to the Crown Corporation may be reloaned by the Governor in Council to the Crown Corporation for the purposes of this Act. R.S., c. 223, s. 6.

Accounting for advance to Corporation

7 (1) The sum of seventy-three thousand seven hundred and seven dollars and ninety-nine cents paid to Industrial Estates Limited out of the Industrial Expansion Fund for the purpose of carrying out the obligations of the Province and the Minister under the Agreements is charged to the Capital Account referred to in Section 6, and the said sum of seventy-three thousand seven hundred and seven dollars and ninety-nine cents is credited to the Industrial Expansion Fund. (2) This Section shall be read and construed as if enacted on the thirty-first day of March, 1959. R.S., c. 223, s. 7.

Powers of Minister

8 The Minister is empowered to (a) do every act and exercise every power and expend every sum of money necessary or proper for the purpose of implementing in every respect every obligation assumed by the Minister under the Agreements; (b) do and perform the acts, matters and things in the Agreements provided to be done or performed by the Minister in the manner and with the effect and under the conditions stipulated and provided in the Agreements. R.S., c. 223, s. 8.

Power to amend Finance Agreement

9 With the approval of the Governor in Council, the Minister, on behalf of the Province, may enter into and carry out an agreement with the Crown Corporation to amend the Finance Agreement by substituting for paragraph (d) of clause 4 of that Agreement a paragraph in the following form or to the like effect: (d) Each such debenture will in principal amount be equal to the funds for which it is exchanged; will be dated the day on which such funds are paid but may be delivered any time within the following thirty days; will be for a term of twenty years; will be unsecured; will bear interest after September 25, 1962, at such rate or rates and payable at such time or times as the Governor in Council from time to time determines from September 25, 1962, or from the date of issuance, whichever happens second, or from such date not later than five years after the date of its issuance as the Governor in Council orders; and will contain such other provisions as the Governor in Council may from time to time determine. R.S., c. 223, s. 9.

Further power to amend Finance Agreement

10 With the approval of the Governor in Council, the Minister, on behalf of the Province, may enter into and carry out an agreement with the Crown Corporation to amend the Finance Agreement by substituting for clause 3 of that Agreement a paragraph in the following form or to the like effect: 3. In addition the Company may from time to time submit supplementary budgets for funds to the Minister for consideration of the Governor in Council and to the extent that the Governor in Council approves such budgets the Minister will pay such funds to the Company. R.S., c. 223, s. 10.

Expropriation

11 Any land that the Minister deems necessary for the purpose of implementing an obligation assumed by the Province or the Minister under the Agreements shall be deemed conclusively to be land necessary for a public purpose within the meaning of clause (d) of subsection (1) of Section 10 of the Expropriation Act. R.S., c. 223, s. 11.

Powers of Corporation

12 The Crown Corporation, in addition to every other power that it possesses, is authorized to exercise the powers and to carry out the obligations that it has undertaken to exercise or to carry out by the said Agreements. R.S., c. 223, s. 12. 13 repealed 1998, c. 18, s. 563.

Public Utilities Act

14 The Crown Corporation shall be exempt from the provisions of the Public Utilities Act except to the extent that the Governor in Council may, from time to time, order in respect of any Section or Sections of that Act or in respect of any undertaking or activity of the Crown Corporation. R.S., c. 223, s. 14.

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